Transportation is an essential part of the modern Australian lifestyle. Some people prefer to take public transport, while others will adopt a bicycle or skateboard as their preferred method of getting from Point A to Point B. However, by far the most popular and widespread type of vehicle for people to use for their day-to-day errands is a car. Purchasing your first car is a rite of passage, where the adolescent truly becomes independent and can take control over their own movements through life.
Of course, the problem with buying your own car is that - unlike public transport or a bike - they aren't exactly cheap. They often require a relatively large sum to be paid up front, as well as more paid over a period of time on the provision of a loan. Before you decide to commit to any one car for your needs, be sure to investigate the various costs involved with the purchase. Protecting your interests and ensuring you have all of your bases covered is the best way to avoid getting swindled in the long run.
Here are some of the hidden costs that people may not necessarily consider when they move to buy a car in Australia.
One of the first things you're likely to come up against are dealer fees, which will be charged by a dealership and can amount to a sizeable sum if left unchecked. There is a wide range of different things that can fall under this.
For example, some dealerships will charge you for the advertising that led you to the yard in the first place - as well as putting a second charge on top of this of their own. These can often be negotiated down, so it's useful to be aware of their existence and be prepared to fight your case.
Furthermore, things like document fees, charged for the handling and processing of paperwork, can be discussed and worked down to a lower amount. Seeking professional help from a lawyer could be a great way to bolster your defence in these situations, as well as taking the time to read the paperwork of any contracts before signing.
Much like buying a home, finding the right finance option for your car purchase is essential. There is a wide range of options available, all of which are suited to different buyers and their approach to the market.
Things to consider include how much of a down payment you're willing to make on the vehicle, as well as the the length of the loan and the interest rate being charged on the product. Depending on your approach, a different combination of these factors could work for you. Speaking with a financial professional is the best way to find out what types of loans are available to you, and which one would be the most suitable for your needs.
Depending on what state you're buying the vehicle in, there are different sets of fees for registering your new vehicle. This is an essential process to keep your car legal and roadworthy in the eyes of the Australian law.
Furthermore, insurance is an essential part of owning a car. This will protect your interests in the long term, ensuring any accidents or crashes are covered and won't financially cripple you. Of course, there are a wide range of different policies to choose from - and this leads to differing premiums being charged. So take notice of these figures and make sure you're able to cover them before committing to any one insurance policy.
Tags: personal car loans
Follow our car buying advice and tips and you’ll end up with a great deal on your car purchase during sales time.